The global drone accessories market is estimated to exceed US$ 116 billion by the end of 2032, expanding at an impressive CAGR of 20.8% over the assessment period of 2022-2032, according to Fact.MR, a market research and competitive intelligence provider.
The military drone accessories segment promises significant growth and a dynamic shift in the drone accessories market. Technological advancements such as low noise level and increased battery life are paving the way for the drone market, and thereby for drone accessories as well. Additionally, continuously rising demand for drones for delivery and logistics is aiding drone accessories market growth.
The construction and mining sector is dynamically shifting towards drones owing to need to monitor progress, mitigate safety risks, and survey land areas. Favorable government regulations for drones are creating ample opportunities for drone accessory manufacturers across the world.
Corporate-sponsored precision agriculture is the primary catalyst for drone adoption among agronomists and farmers. IoT in agriculture is growing. Agricultural application-based drone accessory demand is expected to witness steady growth due to improved efficiency through the use of technologies capable of rapid analysis of data insights. Agricultural drone accessories accounted for roughly 13.9% of total drone accessory sales in 2021. Growing demand for precision agriculture will subsequently drive drone accessories market growth over the coming years.
Key Takeaways from Market Study
Global drone accessories market poised to expand at 20.8% CAGR reaching of US$ 116.1 billion by 2032.
On the basis of accessories type, the market is dominated by military drone accessories, which is projected to account for 68.3% market share by 2032.
By application, delivery and logistics is likely to account for 22.8% revenue share and create an absolute $ opportunity of US$ 24.2 billion over the assessment period.
Demand for security and law enforcement drone accessories is projected to grow 7.1X by value, while construction and mining drone accessories 4.9X during the forecast period.
The North America market is expected to register a CAGR of 19.1% over the forecast period and be valued at US$ 28.2 billion by 2032-end.
Under sales channel, online sales of drone accessories are estimated to account for approximately 19% share of the aftermarket.
”Continuous incorporation of cutting-edge technologies and programmability are driving the demand for drones, thereby positively shaping the future market of drone accessories,” says a Fact.MR analyst
Companies are tailoring their offerings as per end users with value-added services. In order to retain their USP, prominent market players are innovating their accessories, loaded with top-notch technologies and other features such as collision safety, noise reduction, etc.
Moreover, market players have also been focusing on technologies and IoT-based advanced systems such as automated drone accessories, which are set to become key parts of the drone industry.
North America is likely to be the most prominent region from the demand side, while, Asia Pacific is expected to be the fastest-growing non-defense market throughout the assessment period. Strong supply chain network and capital expansion in East Asia will open new doors of opportunities for manufacturers during the forecast period.
Along with organic growth strategies, manufacturers have several opportunities to follow inorganic growth strategies such as mergers, partnerships, and collaborations to expand in East Asia owing to ample opportunities for revenue generation.
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